Indian rupee falls to near 1-week low ahead of U.S. nonfarm payroll data
- Elections 2014 LIVE: Won't do anything with bad intentions, says Modi as BJP unveils poll manifesto
- BJP unveils poll manifesto, includes contentious issues like Ram Temple and Article 370
- Coal block scam: CVC Pradeep Kumar recuses himself from SC probe panel
- Chandrababu Naidu's TDP back in NDA, joins hands with BJP
- Lok Sabha elections: 25 pc of voting in first three hours in Assam
The Indian rupee fell to a near one-week low today, extending losses for a third session, on month-end US dollar demand from importers amid cautious trading ahead of US nonfarm payroll data.
A private chemical firm bought around $200 million early in the session and state-run banks bought US dollars for meeting the government's defence payments, dealers said.
The partially convertible currency, however, continued to remain supported by foreign fund inflows into local shares.
Foreigners bought shares worth $162.9 million on Monday, extending their buying streak to a twelfth consecutive session.
Dealers also cited exporters selling dollars around 61.80 rupee levels, which kept the Indian rupee's losses in check.
"The Indian rupee will be driven by the flows hitting the market till we find the oil companies coming into the market," said Anil Kumar Bhansali, vice president at Mecklai Financial.
"For the present, FIIs flows are into the equity market and since demand is lower the Indian rupee stands supported. But as the month-end approaches, we should find month-end demand spooking the rupee."
Forex dealers, however, remained focused on the delayed jobs data due later in the day that will give an indication of the strength of the US economy before this month's government shutdown.
The Indian rupee closed at 61.655/665 per dollar, compared with 61.52/53 on Monday. It fell to 61.83 in session, its lowest since Oct 16.
In the offshore non-deliverable forwards, the one-month contract was at 62.14 while the three-month was at 63.13.
In the currency futures market, the most-traded near-month dollar/rupee contracts on the National Stock Exchange, the MCX-SX and the United Stock Exchange all closed at around 61.66 with a total traded volume of $1.61 billion.
- Candidates steering towards auto unions to rev up support
- ‘Will send builders of illegal structures to jail’
- To root out corruption, vote for change and give the new face a chance, says Bains
- Green campaign: Phoolka to ride cycle, Bittu talks of birds
- SUV driver hits car, tries to run over inspector at naka; cases registered
- Parties cash in on Sunday mood, star appeal for votes